Directors increasingly view cybersecurity as an enterprise-wide risk issue.
Dave Burg is a Principal in PwC’s U.S. Advisory practice and PwC Global and U.S. Cybersecurity Leader. Dennis Curtis is a Partner in PwC’s national Power & Utilities Risk Assurance practice. Alan Conkle is a Partner and PwC’s U.S. Utility Risk Assurance leader.
National cybersecurity has climbed higher on the corporate agenda than ever before. And as the power and utilities industry continues to evolve, cybersecurity is a top concern for executives and boards in the industry. However, regulatory compliance and engaging with board members at the appropriate level through a common language, while staying up to date on the latest technologies, are some of the challenges that executives are facing when it comes to cybersecurity. So how can utilities address these challenges in a cost effective way that focuses cyber investment on business risk?
Everyone has a part to play in cybersecurity
In our most recent cybersecurity-focused study comprised of 500 executives across industries, 76% of executives are more concerned about cyber threats this year than in previous years. Heightened awareness and concern are well-warranted as cybersecurity incidents are increasing in number, becoming progressively more destructive and targeting a broadening array of information. Adversaries continue to advance their threats, techniques and targets. They are investing in technologies, sharing intelligence and training their crews to attack with purpose and competence. Globally, a record one billion data records were compromised in 2014, according to a report by security firm Gemalto.